INTERNATIONAL: President Joe Biden has said direct involvement by the U.S. and NATO allies in the Russia-Ukraine conflict would result in "World War III".

Biden has criticized voices in the United States clamoring for an active U.S. military presence in Ukraine or U.S. backing of a "no-fly zone" to protect Ukrainians from the Russian onslaught.

"The idea that we're going to send in offensive equipment and have planes and tanks and trains going in with America pilots and American crews that's called World War III, OK? Let's get is straight here, guys," he has told Democrats in Philadelphia.

"We will defend every inch of NATO territory, every single inch," including NATO members bordering Russia, Biden has added , "Granted, if we respond it is World War III, but we have a sacred obligation on NATO territory ,although we will not fight the Third World War in Ukraine," he has made clear.

Earlier on, Biden has opened a new attack on Russia's economy over its invasion of Ukraine, joining with allies to hit Moscow on trade and shut down development funds and announcing a ban on imports of Russian seafood, vodka and diamonds.

Biden, locked in a test of wills with Russian President Vladimir Putin, said the moves collectively would deliver "another crushing blow" to Russia's economy, already weighed down by global sanctions that have cratered the rouble and forced the stock market to close.